On Monday, August 23, the price of bitcoin rose markedly in international trading.
At the beginning of the day, the rate of the electronic coin rose by almost 3% - up to $ 50.4 thousand. The last time a similar indicator could be observed on May 15.
Following Bitcoin, other cryptocurrencies showed similar dynamics.
So, for example, Ethereum rose in price by 3% - to $ 3.36 thousand, Ripple - by 5%, to $ 1.3, and Binance Coin - by 10%, to $ 505.
The total value of all cryptocurrencies over the past day has grown by almost $ 70 billion and at the moment has risen above $ 2.16 trillion.
Such data is provided by the CoinMarketCap portal.
“Recently, market participants have been actively accumulating cryptocurrencies.
There were fewer sellers than buyers and holders of digital coins.
This is what contributed to the gradual rise in prices for electronic coins, ”explained Janis Kivkulis, the leading strategist of EXANTE, in an interview with RT.
According to him, the cryptocurrency market is supported by the growing interest of global investors in risky assets.
In addition, a positive news background plays in favor of the rise in price of digital coins, analysts interviewed by RT are sure.
In particular, on August 20, the head of the Coinbase cryptocurrency exchange Brian Armstrong announced the plans of the trading platform to purchase electronic coins in the amount of $ 500 million, as well as invest 10% of the profits in digital assets.
In addition, on August 23, the international payment system PayPal announced the launch of a service for the sale, storage and purchase of cryptocurrencies in the UK.
Previously, this option became available for US PayPal account holders.
“Also in early August, the head of the US Securities and Exchange Commission, Gary Gensler, made some clarifications about the possible prospects for bitcoin ETFs (special funds whose securities will be traded on the exchange at the bitcoin price).
Players began to hope that the regulator would still approve this tool and thereby open the way to the cryptocurrency market for ordinary investors, ”Aaron Chomsky, head of the investment department of ICB Fund, told RT.
The rise in prices for cryptocurrencies is partly due to the actions of world central banks.
Valery Romanyuk, First Vice President of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB), shared this point of view in an interview with RT.
As the specialist recalled, in 2020, against the backdrop of the coronavirus pandemic, the US Federal Reserve System announced an unprecedented expansion of the quantitative easing program.
The Fed began printing dollars and pumping money into the country's financial system to boost GDP growth.
The European Central Bank (ECB), as well as other regulators of developed countries, began to pursue a similar policy.
“Now both the Fed and the ECB continue to actively pump money, as the economies still cannot recover from the consequences of COVID-19.
A lot of currency is printed and ends up on the speculative market.
Investors, in turn, invest these funds in the purchase of cryptocurrencies, ”Romanyuk explained.
According to the expert, China's policy remains one of the determining factors for the electronic money market.
In late spring, Beijing launched a widespread fight against cryptocurrency mining in the country.
The actions of the PRC negatively affected the global supply of digital coins, as a result of which bitcoin and its analogues began to rise in price, Romaniuk noted.
© REUTERS / Maxim Shemetov
According to experts, the further dynamics of the price of bitcoin and other electronic coins will largely depend on the actions of states.
If governments tighten the regulation of cryptocurrencies, investors will have to massively get rid of previously acquired digital money.
In this case, the cost of bitcoin may fall to $ 20 thousand, Janis Kivkulis does not exclude.
The head of the data analysis department of CEX.IO Broker Yuriy Mazur adheres to a similar point of view.
At the same time, according to him, the absence of negative news, on the contrary, will allow the bitcoin rate to grow significantly in the future.
“From a technical point of view, in August, the bitcoin rate needs to confidently gain a foothold above the level of $ 50 thousand. It is quite possible that this very fact will be regarded by investors in the fall as a signal for further growth, which will lead to excitement and send quotes to new historical highs in the region of $ 70-75 ", - suggested Mazur in a conversation with RT.